"Mission impossible?" (protection of the financial reporting process)(Ethics)(Column)

Article Abstract:

The integrity of the financial reporting process can be protected by implementing a corporate governance strategy that requires the active participation of the directorial board in the financial reporting activity. The board, management and external auditors should work hand-in-hand to establish a control environment and control structure that protects the stakeholders' interests. The directors and managers of a company can institute a formidable corporate governance approach to financial reporting by emphasizing the critical role played by integrity and ethical values, and communicating this message across the organization. Auditors should cooperate with directors and management in ascertaining the relevance and reliability of the information supplied to creditors and investors. This may translate to additional responsibility for auditors in appraising the control structures of clients.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Management, Corporate directors, Column, Practice, Corporate governance, Auditors, Corporation reports, Company reports

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Ethics and budgeting

Article Abstract:

The National Association of Accountants has developed a training film to help accounting students develop the judgment and analytical skills to resolve ethically ambiguous problems. The film is intended to redress the over-emphasis on mechanical accounting procedures found in many accounting classes. The film is titled, 'It's up to you: a management accountant's decision.' It consists of five cases, each of which presents an ethical problem that an accountant might face. The problems studied include over-optimistic budgets, communication issues in budgeting, the management of financial results, capital budgeting, and conflicts between legal and ethical behavior.

Standards, Training, Accountants, National Association of Accountants

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Ethics in the classroom

Article Abstract:

The National Commission on Fraudulent Financial Reporting reveals that accounting business curricula should develop courses emphasizing the skills of analysis, problem-solving, and judgement. Currently, administration and faculty have no guidelines to deal with the behavioral and ethical issues of managerial and cost accounting. The report focused on the various methodologies of cost allocation; the determination of the amount of costs to be allocated and the question of fair basis in the determination of cost allocation; and ethical issues concerning the manipulation of untraceable costs and conflicts arising from the use of different legitimate alternatives.

Education, Business education, National Commission on Fraudulent Financial Reporting

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